6531 — AP Memory Technology — Filings & Earnings Log
Chronological earnings-call and filing history. Canonical analysis lives on 6531 — AP Memory Technology; this page is the dated record that feeds it.
Disclosure context. AP Memory is TPEx-listed (Taipei Exchange / 興櫃→上櫃). Taiwan filing cadence: monthly revenue (公告) by the 10th of the following month; quarterly financials + investor conference (法說會) roughly six weeks after quarter-end; annual report and AGM in the spring. No SEC EDGAR coverage (ADR-free; GDRs only). There is no published segment table and no separately named CFO/CTO on the governance page — a recurring disclosure-quality flag.
Next scheduled event
- Q2 2026 earnings / investor conference — 30 July 2026 (confirmed via yfinance earnings calendar). This is the thesis gate: IPD shipment commencement, S-SiCap trajectory after the 2–3-month IPC delay, ~45% gross-margin defense, forward-mix color.
- Dividend: NT$7.00/share cash, ex-date 22 June 2026 (≈NT$1.14B, ~91% payout). Consistent with NT$7.00 paid annually since 2023.
Earnings history (reported, basic EPS)
| Period | Report date | Revenue (NT$M) | YoY | GM% | Net income (NT$M) | EPS (NT$) | Note |
|---|---|---|---|---|---|---|---|
| Q1 2026 | 12 May 2026 | 2,099 | +115% | 46% | 676 | 4.15 | Record quarter. S-SiCap NT$570M (+767% YoY, 27% of rev). Adj EPS NT$3.65 ex-GDR-FX; NT$4.00 on yfinance. |
| Q4 2025 | 2 Mar 2026 | 1,868 | +52% | 49.9% | 766 | 4.71 | |
| Q3 2025 | ~Nov 2025 | ~1,495 | +17% | n/d | n/d | 4.32 | |
| Q2 2025 | ~Aug 2025 | 1,329 | — | 42.2% | −546 | −3.36 | One-time charge (qualification NRE / inventory); EBIT still +NT$271M. |
| Q1 2025 | 7 May 2025 | 975 | +30% | 46.5% | 332 | 2.03 | |
| Q4 2024 | — | 1,225 | — | 53.2% | 502 | n/d | |
| FY2025 | — | 5,666 | +35% | 46.5% | 1,258 | ~7.7 | Net compressed by the one-time Q2 charge; clean operating margin ~25%. |
| FY2024 | — | 4,192 | −1% | 51.2% | 1,578 | 9.74 | |
| FY2023 | — | 4,227 | −17% | 41.5% | 1,445 | 8.92 | |
| FY2022 | — | 5,095 | n/m | 43.6% | 1,942 | 11.99 |
(Quarterly figures from yfinance quarterly financials + the Fugle/Sinotrade Q1-2026 call memos. Q1 2026 basic EPS NT$4.15 is the company-reported parent-attributable figure; the NT$4.00 in older notes is the yfinance value.)
Q1 2026 earnings call — 12 May 2026 (key disclosures)
- Revenue NT$2.099B, +115% YoY, +12% QoQ — company record.
- S-SiCap NT$570M, +767% YoY, 27% of revenue. Sub-lines: IPC (silicon-cap interposer for 2.5D) >25% of S-SiCap, stable shipments, four-reticle mass production since end-Q3 2025; IPD (discrete silicon cap) validation complete.
- IPD mass production from Q2 2026 in two applications: embedded-substrate (AI/ASIC packaging) and smartphone LSC (landside capacitor).
- Gross margin 46%, −4pts QoQ on lower VHM NRE mix; guided to stabilize "around 45%."
- Segment outlook: IoTRAM remains the largest line (connectivity, wearables, display strengthening); management stated S-SiCap "won't exceed IoTRAM" in 2026 despite explosive growth — a useful ceiling on the near-term bull case. VHM transitioning crypto→AI accelerators, volume "late 2027 to 2028."
- 1:1:1 long-term mix target (IoTRAM : S-SiCap : VHM) reaffirmed.
- Foundry (PSMC) flag: facility relocation causes a 2–3-month short-term IPC shipment impact; mitigation limits the revenue effect. Second-source foundry qualification underway ("this year").
- No FY2026 revenue/EPS target given — only "cautiously optimistic."
Morgan Stanley target chain (resolves the page's NT$777-vs-NT$666 flag)
The canonical page flagged an unresolved MS target discrepancy (NT$777 on the 28 May profile vs NT$666 on the 1 Jun deep-dive). Resolution (2026-06-02): both were genuine but superseded; MS walked the target up three times in five weeks.
| Date | MS target | Rating | FY26 EPS | Notes |
|---|---|---|---|---|
| 19 Apr 2026 | NT$666 | Overweight | NT$14.01 (from NT$13.3) | "MLC NAND+NOR" memory note; prepayment/LTA color. |
| 29 Apr 2026 | NT$777 → NT$1,000 | Overweight | — | Named a Top Pick alongside Macronix; "business visible to 2028." |
| 21 May 2026 | NT$1,555 | Overweight | NT$17.65 | FY27/28 EPS NT$34.34 / NT$60.74; 2028 P/E ~14.4x. Thesis: silicon-cap shortage holds ~3 years; market over-worried on competition. Current live MS target. |
So the current Morgan Stanley target is NT$1,555 (+38% above the NT$1,125 spot), not below it; the "NT$1,555 bull case" the canonical page carried as a community estimate is MS's own house target. The two-analyst aggregator mean (NT$1,075) lags and sits below spot — the gap between aggregator and lead-bank target is a refresh-lag artifact.
(China Times / 旺得富 article bodies returned HTTP 403 to WebFetch; the figures above were cross-confirmed via two independent Chinese-language searches and the cnyes / 愛玩股 rating aggregators. Treat the exact NT$1,000 intermediate as well-supported but second-hand; the NT$666, NT$17.65 and NT$1,555 figures appear in multiple excerpts.)
TPU 8i (Zebrafish) program timing — clarified
The EMIB-T design win is the Google/MediaTek TPU v8 inference ASIC ("Zebrafish" / 8i: single compute die + I/O die + six HBM3e stacks, TSMC 2nm). Google split TPU v8 into a Broadcom-built training part ("Sunfish") and the MediaTek-built inference part. The 2nm silicon is a late-2027-class design, but third-party tracking now puts the inference-chip volume ramp at H2 2026 — mass production ~July–August 2026, ~400k units in 2026 rising to 1.5–2.0M in 2027. This pulls AP Memory's IPD revenue contribution earlier than the canonical page's prior "late-2027" framing and aligns with the "IPD mass production from Q2 2026" call guidance.
Ownership / governance filings
- Insiders 36.6% (founder Chen Wen-Liang + aligned vehicles), institutional ~13.4%, float ~50%. No dual-class shares. Share count crept <1% over three years (not a serial diluter).
- Board: 8 members, 4 independent (50%). Powerchip linkage via Li Shun Investment (director Hsieh Ming-Lin, President of Powerchip Investment Holding) — see canonical Management section for the related-party read.
Sources
yfinance (earnings calendar, quarterly/annual financials, dividends — pulled 2026-06-02); AP Memory Q1 2026 call memos (Fugle/富果 12 May; Sinotrade 豐雲學堂; Vocus); China Times / 旺得富 MS-target reporting (cross-confirmed via search + cnyes/愛玩股 aggregators); wccftech / TechPowerUp / TheNextWeb / Tom's Hardware / SemiAnalysis X (TPU v8 split + ramp). Back to canonical: 6531 — AP Memory Technology.